2022 Q4 Form 20-F Financial Statement

#000162828023009769 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022
Revenue $148.6M $107.9M $443.8M
YoY Change 115.05% 47.81% 80.92%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $94.40M $67.40M $301.7M
YoY Change 104.33% 26.45% 40.2%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.30M $29.20M $116.5M
YoY Change -22.25% 2.82% -2.59%
% of Gross Profit
Operating Expenses $122.7M $96.60M $549.9M
YoY Change 48.55% 18.24% 64.25%
Operating Profit -$101.9M
YoY Change 15.4%
Interest Expense -$37.60M -$34.20M $131.3M
YoY Change 68.61% 79.06% -264.95%
% of Operating Profit
Other Income/Expense, Net -$10.40M -$20.10M -$46.90M
YoY Change 46.48% 443.24% 146.84%
Pretax Income -$18.50M -$50.40M -$274.4M
YoY Change -56.37% 80.65% 49.7%
Income Tax $2.800M $4.500M $18.40M
% Of Pretax Income
Net Earnings -$21.30M -$54.90M -$292.8M
YoY Change -53.8% 68.4% 51.71%
Net Earnings / Revenue -14.33% -50.88% -65.98%
Basic Earnings Per Share -$1.64
Diluted Earnings Per Share -$0.09 -$295.8K -$1.64
COMMON SHARES
Basic Shares Outstanding 228.9M shares 178.4M shares
Diluted Shares Outstanding 178.4M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.0M $279.0M $108.0M
YoY Change 209.46% 304.93% 209.46%
Cash & Equivalents $108.0M $279.0M $108.0M
Short-Term Investments
Other Short-Term Assets $25.40M $207.6M $55.60M
YoY Change -39.67% 826.79% 80.52%
Inventory
Prepaid Expenses $9.600M
Receivables $43.00M $68.90M $100.4M
Other Receivables $4.600M $76.90M $85.90M
Total Short-Term Assets $349.9M $632.4M $349.9M
YoY Change 98.58% 247.28% 98.58%
LONG-TERM ASSETS
Property, Plant & Equipment $3.900M $2.602B $2.598B
YoY Change -99.86% -10.2% -9.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.60M $19.20M $20.60M
YoY Change 6.19% -18.99% 6.19%
Other Assets $26.70M $25.20M $32.60M
YoY Change 81.63% 447.83% 150.77%
Total Long-Term Assets $2.652B $2.647B $2.652B
YoY Change -8.69% -9.56% -8.69%
TOTAL ASSETS
Total Short-Term Assets $349.9M $632.4M $349.9M
Total Long-Term Assets $2.652B $2.647B $2.652B
Total Assets $3.002B $3.279B $3.002B
YoY Change -2.55% 5.49% -2.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.70M $53.20M $47.70M
YoY Change 37.46% 261.9% 37.46%
Accrued Expenses $80.80M $233.8M $193.8M
YoY Change 3.72% 246.37% 148.78%
Deferred Revenue $57.30M
YoY Change 1369.23%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $445.9M $1.650B $445.9M
YoY Change
Total Short-Term Liabilities $745.6M $2.003B $745.6M
YoY Change 532.4% 1927.53% 532.4%
LONG-TERM LIABILITIES
Long-Term Debt $1.191B $283.5M $1.191B
YoY Change -37.83% -85.18% -37.83%
Other Long-Term Liabilities $14.30M $74.80M $167.2M
YoY Change -90.87% -53.51% 6.77%
Total Long-Term Liabilities $1.358B $358.3M $1.358B
YoY Change -34.46% -82.72% -34.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $745.6M $2.003B $745.6M
Total Long-Term Liabilities $1.358B $358.3M $1.358B
Total Liabilities $2.104B $2.362B $2.104B
YoY Change -3.95% 8.7% -3.95%
SHAREHOLDERS EQUITY
Retained Earnings -$1.381B
YoY Change 26.91%
Common Stock $2.289B
YoY Change 14.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.800M
YoY Change -28.47%
Treasury Stock Shares
Shareholders Equity $897.8M $917.5M $897.8M
YoY Change
Total Liabilities & Shareholders Equity $3.002B $3.279B $3.002B
YoY Change -2.55% 5.49% -2.55%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022
OPERATING ACTIVITIES
Net Income -$21.30M -$54.90M -$292.8M
YoY Change -53.8% 68.4% 51.71%
Depreciation, Depletion And Amortization $28.30M $29.20M $116.5M
YoY Change -22.25% 2.82% -2.59%
Cash From Operating Activities $77.50M $8.200M $62.50M
YoY Change -418.93% -217.14% -206.11%
INVESTING ACTIVITIES
Capital Expenditures $39.50M -$20.40M $83.30M
YoY Change -831.48% 251.72% -540.74%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $700.0K
YoY Change -100.0% -100.0% -98.83%
Cash From Investing Activities -$39.50M -$20.40M -$82.60M
YoY Change -2921.43% -146.9% -301.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $260.4M $298.1M
YoY Change 565.4%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -205.5M 260.4M $92.60M
YoY Change 106.7%
NET CHANGE
Cash From Operating Activities 77.50M 8.200M $62.50M
Cash From Investing Activities -39.50M -20.40M -$82.60M
Cash From Financing Activities -205.5M 260.4M $92.60M
Net Change In Cash -167.5M 248.2M $72.50M
YoY Change 631.44% 580.0% 170.52%
FREE CASH FLOW
Cash From Operating Activities $77.50M $8.200M $62.50M
Capital Expenditures $39.50M -$20.40M $83.30M
Free Cash Flow $38.00M $28.60M -$20.80M
YoY Change -301.06% -2483.33% -48.0%

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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1 - General</span></div><div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Borr Drilling Limited was incorporated in Bermuda on August 8, 2016. We are listed on the Oslo Stock Exchange and on the New York Stock Exchange under the ticker “BORR”. Borr Drilling Limited is an international offshore drilling contractor providing services to the oil and gas industry. Our primary business is the ownership, contracting and operation of modern jack-up drilling rigs for operations in shallow-water areas (i.e., in water depths of approximately 400 feet), including the provisi</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on of related equipment and work crews to conduct drilling of oil and gas wells and workover operations for exploration and production customers. As of December 31, 2022, we had a total of 22 premium jack-up rigs, including one rig which was “warm stacked”, and had agreed to purchase two additional premium jack-up rigs under construction, which are scheduled for delivery in 2025.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As used herein, and unless otherwise required by the context, the terms “Company”, “Borr”, “we,” “Group”, “our” and words of similar nature refer to Borr Drilling Limited and its consolidated companies. The use herein of such terms as “group”, “organization”, “we”, “us”, “our” and “its”, or references to specific entities, is not intended to be a precise description of corporate relationships.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Going concern</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements have been prepared on a going concern basis. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have incurred significant losses since inception and may be dependent on additional financing in order to meet our existing capital expenditure commitments and our debt obligations expected in the next 12 months.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2021, as contemplated by the agreements in principle with the shipyard creditors, subsequently reflected in executed agreements, outlined below, the Company launched a private placement which closed in January 2022, raising net proceeds of $28.9 million by issuing 13,333,333 shares at a subscription price of $2.25 per share.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 27, 2022, we announced that we had entered into a letter of intent ("LOI") for the sale of three newbuilding jack-up rigs for $320.0 million, subject to various conditions. In September 2022, we entered into a sales agreement, giving effect to the previously executed LOI. Upon sale of the first of the three rigs to be sold, proceeds from the sale were used to pay the delivery installments for one of the rigs. The remaining proceeds will be used to pay the delivery installment of the other two rigs and further eliminate the associated activation costs that would have applied in the future. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2022, the Company conducted a public offering raising net proceeds of $260.4 million by issuing 76,363,071 shares at a subscription price of $3.60 per share ("2022 August Equity Offering"). Proceeds from the August Equity Offering were used to consummate the refinancing described below.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2022, we entered into agreements with our shipyard creditors and other secured creditors to refinance our respective debt facilities, extending the debt maturity to 2025. As part of these agreements, we paid the outstanding balance of our Syndicated Facility and New Bridge Facility with proceeds from our new $150.0 million bilateral facility provided by DNB Bank ASA, an existing lender in the previous facilities, and using a portion of the proceeds from our 2022 August Equity Offering.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, we paid down $45.0 million of our Hayfin facility with proceeds from our 2022 August Equity Offering. While there was no refinancing of our facilities with Keppel, our amended agreement with Keppel resulted in the deferral of the delivery dates for two of our newbuild rigs to 2025 and included an agreement for Keppel to cooperate with the sale of the other three newbuild rigs we agreed to purchase and which we subsequently agreed to sell.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 13, 2022, we announced that we had entered into an agreement to sell the jack-up rig "Gyme" for $120.0 million. The sale of the rig was pursuant to an undertaking by the Company under its most recent refinancing with PPL Shipyard completed in October 2022. Upon closing of the transaction on November 15, 2022, the proceeds from the sale were applied to all outstanding amounts owed on the rig, and excess amounts were applied to the capitalized interest for the eight other rigs financed by PPL.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2023, we issued $250.0 million senior unsecured convertible bonds due February 8, 2028 and $150.0 million senior secured bonds due February 9, 2026. The proceeds from the unsecured convertible bonds and secured bonds will be used to refinance the outstanding $350.0 million of convertible bonds due May 23, 2023 and for general corporate purposes. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2021, we established an ATM program under which we may offer and sell from time to time up to $40.0 million of our common shares to be listed on the New York Stock Exchange. Since establishment of the ATM program through to December 31, 2022, we have sold 2,350,000 shares, raising $8.8 million in net proceeds under the ATM program.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sale of shares under our ATM program, the equity raised in December 2021 and August 2022, the extension of the maturities of our secured debt to 2025 and raising of proceeds from the unsecured convertible bonds and secured bonds issued in February 2023 have improved our current liquidity situation. Additionally, the sale of the jack-up rig "Gyme" jack-up rig for $120.0 million with proceeds from the sale being applied to all outstanding amounts owed on the rig, reduced our total outstanding debt and agreement to sell three newbuildings jack-up rigs for $320.0 million with proceeds from the sale to pay the delivery installments of the three newbuildings jack-up rigs and further eliminate the associated activation costs that would apply in the future, have reduced our capital commitments. However, our ability to continue as a going concern is dependent on a continuing improvement in the jack-up drilling market and securing our rigs on profitable contracts, in addition to being able to meet our existing capital expenditure commitments and our debt obligations during 2023. As such, we have concluded that a substantial doubt exists over our ability to continue as a going concern. The financial statements included in this report do not include any adjustments that might result from the outcome of this uncertainty.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We will continue to explore additional financing opportunities and strategic sale of a limited number of modern jack-ups or joint ventures in order to further strengthen the liquidity of the Company. While we have confidence that these actions will enable us to better manage our liquidity position, and we have a track record of delivering additional financing and selling rigs and joint ventures, there is no guarantee that any additional financing or sale measures will be concluded successfully.</span></div>
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CY2022Q2 borr Number Of Newbuild Jack Up Rigs For Sale Per Letter Of Intent Agreement
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CY2022Q3 us-gaap Stock Issued During Period Value New Issues
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NumberOfNewbuildJackUpRigsForSalePerLetterOfIntentAgreement
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CY2022Q2 borr Number Of Newbuild Jack Up Rigs For Sale Per Letter Of Intent Agreement
NumberOfNewbuildJackUpRigsForSalePerLetterOfIntentAgreement
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CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021 borr Intersegment Revenue
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In assessing the recoverability of our jack-up rigs' carrying amounts, we make assumptions regarding estimated future cash flows, estimates in respect of residual or scrap values, utilization, revenue dayrates, operating and maintenance expenses and capital expenditures.</span></div>
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CY2022 us-gaap Income Loss From Equity Method Investments
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CY2022 borr Operating Income Loss Including Income Loss From Equity Method Investments
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CY2022Q4 us-gaap Assets
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CY2021 borr Dayrate Revenue
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2 segment
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
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2 segment
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4200000 usd
CY2021 borr Operating And Maintenance Expense Rigs
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307500000 usd
CY2022Q4 us-gaap Unbilled Receivables Current
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20200000 usd
CY2022Q4 borr Unbilled Receivables Non Current
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3800000 usd
CY2021Q4 borr Unbilled Receivables Non Current
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0 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Noncurrent
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CY2021Q4 us-gaap Contract With Customer Asset Net Noncurrent
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CY2022Q4 us-gaap Contract With Customer Asset Net
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61200000 usd
CY2021Q4 us-gaap Contract With Customer Asset Net
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20200000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
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57300000 usd
CY2021Q4 us-gaap Contract With Customer Liability Current
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CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
68700000 usd
CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2500000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
68700000 usd
CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2500000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
126000000.0 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6400000 usd
CY2022Q4 borr Liquidated Damages Costs Current
LiquidatedDamagesCostsCurrent
900000 usd
CY2022Q4 borr Number Of Contracts With Delayed Start Date
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CY2022Q4 borr Liquidated Damages Costs Noncurrent
LiquidatedDamagesCostsNoncurrent
2300000 usd
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
20300000 usd
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2600000 usd
CY2021 borr Contract With Customer Asset Performance Obligation Satisfied During Reporting Period
ContractWithCustomerAssetPerformanceObligationSatisfiedDuringReportingPeriod
20200000 usd
CY2021 borr Amortization Of Revenue Contract Liability
AmortizationOfRevenueContractLiability
5900000 usd
CY2021 borr Cash Received Contract Liability
CashReceivedContractLiability
9700000 usd
CY2021 borr Cash Received Contract Asset
CashReceivedContractAsset
20300000 usd
CY2021Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
20200000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6400000 usd
CY2022 borr Contract With Customer Asset Performance Obligation Satisfied During Reporting Period
ContractWithCustomerAssetPerformanceObligationSatisfiedDuringReportingPeriod
55100000 usd
CY2022 borr Amortization Of Revenue Contract Liability
AmortizationOfRevenueContractLiability
22100000 usd
CY2022 borr Unbilled Demobilization Revenue Contract Asset
UnbilledDemobilizationRevenueContractAsset
2200000 usd
CY2022 borr Unbilled Variable Rate Revenue Contract Asset
UnbilledVariableRateRevenueContractAsset
3900000 usd
CY2022 borr Contract With Customer Liabilities Performance Obligation Satisfied Over Time
ContractWithCustomerLiabilitiesPerformanceObligationSatisfiedOverTime
2200000 usd
CY2022 borr Cash Received Contract Liability
CashReceivedContractLiability
139500000 usd
CY2022 borr Cash Received Contract Asset
CashReceivedContractAsset
20200000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
61200000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
126000000.0 usd
CY2021 borr Increase Decrease To Equity Method Investments For Guarantee
IncreaseDecreaseToEquityMethodInvestmentsForGuarantee
5900000 usd
CY2021 us-gaap Equity Method Investment Sold Carrying Amount
EquityMethodInvestmentSoldCarryingAmount
7000000.0 usd
CY2021Q4 us-gaap Equity Method Investments
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19400000 usd
CY2022 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1200000 usd
CY2022Q4 us-gaap Equity Method Investments
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20600000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
443800000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
245300000 usd
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
307500000 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
481600000 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
220500000 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
172000000.0 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
183000000.0 usd
CY2022Q4 us-gaap Deferred Costs Current
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38400000 usd
CY2021Q4 us-gaap Deferred Costs Current
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17200000 usd
CY2022Q4 us-gaap Deferred Costs
DeferredCosts
17100000 usd
CY2021Q4 us-gaap Deferred Costs
DeferredCosts
4400000 usd
CY2022Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
55500000 usd
CY2021Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
21600000 usd
CY2022 borr Increase Decrease In Deferred Contract Cost
IncreaseDecreaseInDeferredContractCost
33900000 usd
CY2022 borr Capitalized Contract Cost Additional Cost Capitalized
CapitalizedContractCostAdditionalCostCapitalized
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CY2022 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
36700000 usd
CY2021 borr Increase Decrease In Deferred Contract Cost
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15900000 usd
CY2021 borr Capitalized Contract Cost Additional Cost Capitalized
CapitalizedContractCostAdditionalCostCapitalized
28500000 usd
CY2021 us-gaap Capitalized Contract Cost Amortization
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12600000 usd
CY2022 borr Proceeds From Sale Of Property Plant And Equipment Including Non Cash Portion
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131500000 usd
CY2022 us-gaap Property Plant And Equipment Disposals
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CY2022 us-gaap Gain Loss On Disposition Of Assets1
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4200000 usd
CY2021 borr Proceeds From Sale Of Property Plant And Equipment Including Non Cash Portion
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5700000 usd
CY2021 us-gaap Property Plant And Equipment Disposals
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4500000 usd
CY2021 us-gaap Gain Loss On Disposition Of Assets1
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1200000 usd
CY2020 borr Proceeds From Sale Of Property Plant And Equipment Including Non Cash Portion
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34700000 usd
CY2020 us-gaap Property Plant And Equipment Disposals
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15700000 usd
CY2020 us-gaap Gain Loss On Disposition Of Assets1
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19000000.0 usd
CY2020Q4 borr Interest In Equity Method Investment Not Held By The Company
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CY2020Q4 us-gaap Equity Method Investments
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62700000 usd
CY2021 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
ProceedsFromPaymentsForLongTermLoansForRelatedParties
46500000 usd
CY2021 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
16100000 usd
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
125400000 usd
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2020 us-gaap Interest Expense Debt
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CY2022 borr Loss On Extinguishment Of Debt
LossOnExtinguishmentOfDebt
7800000 usd
CY2021 borr Loss On Extinguishment Of Debt
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0 usd
CY2020 borr Loss On Extinguishment Of Debt
LossOnExtinguishmentOfDebt
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CY2022 borr Gain On Extinguishment Of Debt
GainOnExtinguishmentOfDebt
1900000 usd
CY2021 borr Gain On Extinguishment Of Debt
GainOnExtinguishmentOfDebt
0 usd
CY2020 borr Gain On Extinguishment Of Debt
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CY2022 us-gaap Interest Expense
InterestExpense
131300000 usd
CY2021 us-gaap Interest Expense
InterestExpense
92900000 usd
CY2020 us-gaap Interest Expense
InterestExpense
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CY2020 us-gaap Interest Costs Capitalized
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CY2022 borr Yard Cost Cover Expense
YardCostCoverExpense
28200000 usd
CY2021 borr Yard Cost Cover Expense
YardCostCoverExpense
12800000 usd
CY2020 borr Yard Cost Cover Expense
YardCostCoverExpense
5300000 usd
CY2022 borr Bank Commitment Guarantee And Other Fees
BankCommitmentGuaranteeAndOtherFees
12700000 usd
CY2021 borr Bank Commitment Guarantee And Other Fees
BankCommitmentGuaranteeAndOtherFees
4200000 usd
CY2020 borr Bank Commitment Guarantee And Other Fees
BankCommitmentGuaranteeAndOtherFees
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CY2022 us-gaap Amortization Of Deferred Charges
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7900000 usd
CY2021 us-gaap Amortization Of Deferred Charges
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6500000 usd
CY2020 us-gaap Amortization Of Deferred Charges
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5600000 usd
CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-900000 usd
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1500000 usd
CY2022 borr Other Miscellaneous Financial Income Expense
OtherMiscellaneousFinancialIncomeExpense
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CY2021 borr Other Miscellaneous Financial Income Expense
OtherMiscellaneousFinancialIncomeExpense
4500000 usd
CY2020 borr Other Miscellaneous Financial Income Expense
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3700000 usd
CY2022 us-gaap Gain Loss On Sale Of Derivatives
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0 usd
CY2021 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
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CY2020 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
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CY2022 us-gaap Gain Loss On Derivative Instruments Net Pretax
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0 usd
CY2021 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
0 usd
CY2020 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
1500000 usd
CY2022 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
0 usd
CY2021 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
0 usd
CY2020 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
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CY2022 borr Other Financial Income Expense
OtherFinancialIncomeExpense
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CY2021 borr Other Financial Income Expense
OtherFinancialIncomeExpense
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CY2020 borr Other Financial Income Expense
OtherFinancialIncomeExpense
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CY2022Q4 us-gaap Deferred Finance Costs Net
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10700000 usd
CY2020 us-gaap Gain Loss On Sale Of Derivatives
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CY2020 us-gaap Proceeds From Sale Of Other Investments
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CY2020 us-gaap Gain Loss On Sale Of Other Investments
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1500000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 borr Other Current Assets Allowance For Credit Loss Period Increase Decrease
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CY2021 borr Credit Loss Expense Reversal
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Tax Assets Other
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17900000 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2021Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2021 borr Other Current Assets Allowance For Credit Loss Recovery
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
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CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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10800000 usd
CY2022 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
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CY2021 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
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CY2020 us-gaap Income Tax Examination Penalties And Interest Expense
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CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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11300000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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11300000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
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CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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10800000 usd
CY2022 us-gaap Earnings Per Share Diluted
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CY2022 us-gaap Earnings Per Share Basic
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CY2021 us-gaap Earnings Per Share Basic
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CY2020 us-gaap Earnings Per Share Diluted
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CY2020 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Earnings Per Share Diluted
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CY2021 us-gaap Earnings Per Share Diluted
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CY2020 us-gaap Earnings Per Share Diluted
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CY2022Q4 us-gaap Common Stock Shares Issued
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CY2021Q4 us-gaap Common Stock Shares Issued
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CY2020Q4 us-gaap Common Stock Shares Issued
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q4 us-gaap Debt Instrument Convertible Conversion Price1
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CY2022Q4 borr Restricted Cash Relating To The Issuance Of Guarantees
RestrictedCashRelatingToTheIssuanceOfGuarantees
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CY2021Q4 borr Restricted Cash Relating To The Issuance Of Guarantees
RestrictedCashRelatingToTheIssuanceOfGuarantees
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CY2022Q4 borr Restricted Cash Relating To Debt Financings
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CY2021Q4 borr Restricted Cash Relating To Debt Financings
RestrictedCashRelatingToDebtFinancings
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CY2022Q4 borr Restricted Cash Relating To Others
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CY2021Q4 borr Restricted Cash Relating To Others
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CY2022Q4 us-gaap Restricted Cash
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CY2021Q4 us-gaap Restricted Cash
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CY2022Q4 us-gaap Restricted Cash Current
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CY2021Q4 us-gaap Restricted Cash Current
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CY2022Q4 us-gaap Restricted Cash Noncurrent
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CY2021Q4 us-gaap Restricted Cash Noncurrent
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2020Q4 borr Other Current Assets Allowance For Credit Loss
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CY2020Q4 borr Allowance For Credit Loss
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CY2021 us-gaap Provision For Doubtful Accounts
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CY2021 borr Allowance For Credit Loss Recovery
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CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2021 borr Other Current Assets Allowance For Credit Loss Write Off
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CY2021 borr Allowance For Credit Loss Write Off
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q4 borr Other Current Assets Allowance For Credit Loss
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CY2021Q4 borr Allowance For Credit Loss
AllowanceForCreditLoss
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2022 borr Other Current Assets Allowance For Credit Loss Period Increase Decrease
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CY2022 borr Credit Loss Expense Reversal
CreditLossExpenseReversal
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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CY2022 borr Other Current Assets Allowance For Credit Loss Write Off
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CY2022 borr Allowance For Credit Loss Write Off
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CY2022Q4 borr Long Term Debt Maturity After Year Four
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CY2022Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
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71300000 usd
CY2022Q4 borr Jack Up Drilling Rigs Delivery Installment
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294800000 usd
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CY2021Q4 us-gaap Other Commitment
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CY2022Q4 us-gaap Other Commitment Due In Next Twelve Months
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5670000 shares
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CY2021 borr Related Party Revenue
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FundingProvidedToReceivedFromEquityMethodInvestments
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CY2021Q4 us-gaap Common Stock Shares Authorized
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CY2020Q4 us-gaap Common Stock Shares Authorized
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CY2021Q1 borr Stock Authorized During Period Shares
StockAuthorizedDuringPeriodShares
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CY2021Q2 borr Stock Authorized During Period Shares
StockAuthorizedDuringPeriodShares
35000000 shares
CY2022Q3 borr Stock Authorized During Period Shares
StockAuthorizedDuringPeriodShares
40000000 shares
CY2022Q3 borr Stock Authorized During Period Shares
StockAuthorizedDuringPeriodShares
35000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
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255000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
180000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021Q4 us-gaap Common Stock Shares Issued
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CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q3 us-gaap Stock Repurchased And Retired During Period Shares
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CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q4 us-gaap Treasury Stock Common Shares
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CY2021Q4 us-gaap Treasury Stock Common Shares
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406333 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2022Q3 us-gaap Stock Repurchased And Retired During Period Shares
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CY2022 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2022 us-gaap Stock Issued During Period Value New Issues
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313800000 usd
CY2022 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
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90822 shares
CY2021 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
323525 shares
CY2022 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
300000 usd
CY2021 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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CY2022Q4 borr Gain Loss On Issuance Of Treasury Shares Recognised As A Reduction In Additional Paid In Capital
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CY2021 borr Gain Loss On Issuance Of Treasury Shares Recognised As A Reduction In Additional Paid In Capital
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CY2021Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
700000 usd
CY2021Q1 borr Stock Issued During Period Book Value Treasury Stock Reissued
StockIssuedDuringPeriodBookValueTreasuryStockReissued
10400000 usd
CY2021Q1 borr Gain Loss On Issuance Of Treasury Shares Recognised As A Reduction In Additional Paid In Capital
GainLossOnIssuanceOfTreasurySharesRecognisedAsAReductionInAdditionalPaidInCapital
-9700000 usd
CY2021Q3 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
48393 shares
CY2021Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.7
CY2021Q3 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
100000 usd
CY2021Q3 borr Stock Issued During Period Book Value Treasury Stock Reissued
StockIssuedDuringPeriodBookValueTreasuryStockReissued
2100000 usd
CY2021Q3 borr Gain Loss On Issuance Of Treasury Shares Recognised As A Reduction In Additional Paid In Capital
GainLossOnIssuanceOfTreasurySharesRecognisedAsAReductionInAdditionalPaidInCapital
-2000000.0 usd
CY2021 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
323525 shares
CY2021 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
800000 usd
CY2021 borr Stock Issued During Period Book Value Treasury Stock Reissued
StockIssuedDuringPeriodBookValueTreasuryStockReissued
12500000 usd
CY2021 borr Gain Loss On Issuance Of Treasury Shares Recognised As A Reduction In Additional Paid In Capital
GainLossOnIssuanceOfTreasurySharesRecognisedAsAReductionInAdditionalPaidInCapital
-11700000 usd
CY2022Q4 us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
90822 shares
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
3.6
CY2022Q4 us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
300000 usd
CY2022Q4 borr Stock Issued During Period Book Value Treasury Stock Reissued
StockIssuedDuringPeriodBookValueTreasuryStockReissued
3900000 usd
CY2022Q4 borr Gain Loss On Issuance Of Treasury Shares Recognised As A Reduction In Additional Paid In Capital
GainLossOnIssuanceOfTreasurySharesRecognisedAsAReductionInAdditionalPaidInCapital
-3600000 usd
CY2022Q4 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
25500000 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
255000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10

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